IDG leads $80m Series B round in Chinese biotech firm PTM Biolabs

Laboratory equipment. Photo: Pixabay

PTM Biolabs, a Chinese firm that develops proteomics technology to help diagnose and treat human diseases, has raised 530 million yuan ($80 million) in a Series B round of financing led by Beijing-based investment firm IDG Capital, per its announcement.

Chinese venture capital firm Fortune Capital, healthcare-focused dual-currency investor Highlight Capital, and SDIC Venture Capital, a state-owned investment firm that currently manages 14 billion yuan ($2.1 billion) across four vehicles, participated in the Series B round.

Hangzhou-based PTM Biolab was founded in 2010 to develop and use advanced proteomics technology to examine profiles of proteins, histone epigenetic marks, and protein post-translational modifications.

Through the discovery of therapeutic targets, identification of predictive biomarkers, and biomarker-guided drug discovery, it aims to make precision medicine a reality.

Apart from its presence in China, PTM Biolabs also runs an affiliate in Chicago, the US.

The proceeds from the Series B round will further promote the development of PTM Biolabs’ new business line, market expansion, as well as talent recruitment and training.

Upon the completion of the new round, PTM Biolabs has closed two funding rounds at a combined 660 million yuan ($99.8 million) in less than one year, according to Jack Chen Zhongyi, the company CEO.

“The new transaction will provide a strong support to our continuous investment in the proteomics-driven precision medicine field,” said Chen.

The firm raised a Series A round led by SDIC Venture Capital in November 2019. BioTrack Capital, which focuses on healthcare startups in China, also invested in the previous round.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.